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How bad can it get for the S&P 500?

There’s a lot of concern that the U.S. economy experienced an “inverted yield curve” on Friday. That’s when the interest rate on short-term Treasurys, such as 3-month bills (BX:TMUBMUSD03M) or 2-year notes (BX:TMUBMUSD02Y) is higher than on longer-term debt, such as 10-year notes (BX:TMUBMUSD10Y) or 30-year bonds (BX:TMUBMUSD30Y) It’s rare for short-term instruments to pay more than long-term ones.